Wall Street Today | Tesla's Stock is Headed for Its Worst Month, Quarter and Year on Record

Odds are high for a recession next year as the central bank continues — albeit at a slower pace — to boost borrowing costs in an effort to bring price pressures under control. While that typically means credit quality will suffer, the country's biggest banks are in a strong position to weather a downturn, including one that further crimps the mortgage industry.

The US housing market continued to sag in October as the impact of higher mortgage rates and concerns over the economy rattled buyers and sellers. Prices fell 0.5% from September, the fourth consecutive monthly decline for a seasonally adjusted measure of home prices in 20 large cities, according to the S&P CoreLogic Case-Shiller index.

Wholesale power prices surged more than 6,000% in parts of the country during the worst of the recent brutal cold snap — a sign that Americans are likely to face significantly higher winter heating costs once the bills get mailed out.

Southwest Airlines canceled nearly two-thirds of its flights Tuesday and warned that mass disruptions will continue throughout the week, drawing scrutiny from the Transportation Department as other airlines recovered from severe winter weather.